Maize: Extraction
Why planting a week too late can ruin a crop
What this tab covers How it is mined, drilled or grown, and processed into a tradeable form: the main methods compared, their unit economics, by-products, and the companies that do this work globally and in India.Maize is a warm-season grass first cultivated in Central America around 5000 BC (Geman, pdf p. 160). In the US Corn Belt it is sown in spring; planted too late, it pollinates in peak summer heat and risks early frost. Pollination in July is the make-or-break moment, so a heatwave can move prices (Morgan, pdf p. 305). Almost all US corn, and most in Argentina and Brazil, grows from hybrid seed sold by a handful of firms (Morgan, pdf p. 331). Brazil adds a second crop after soybeans. Mills turn the grain into feed, starch, sweeteners and ethanol, with distillers' grains returned to feed.
Maize gives more grain per hectare than any other cereal, but yields range from over 11 t/ha in the US to under 4 t/ha in India and much of Africa. The gap reflects hybrid seed, nitrogen, irrigation and mechanisation. Three systems supply the market. The US Corn Belt runs high-input, rainfed, fully mechanised farms. Brazil grows most of its maize as a second crop sown straight after soybeans. China, India and Africa grow maize mainly on small farms for feed and food. After harvest, grain is fed whole, distilled for ethanol or wet-milled into starch and sweeteners.
Methods compared
| Method | Share of supply | Typical scale | Recovery / efficiency | By-products | Unit cost |
|---|---|---|---|---|---|
| High-input rainfed hybrid maize (US Corn Belt, Argentina, Ukraine) | US grew 31.0% of world maize in 2024 (FAOSTAT); 430.9 Mt in 2025/26 (USDA) | US harvested 33.5 Mha in 2024 (FAOSTAT) | yields: US 11.26 t/ha (2024, FAOSTAT) and 11.7 t/ha (2025/26, USDA); Argentina 6.58 and Ukraine 6.60 t/ha (2024) | stover (residue) | n/a |
| Second-crop (safrinha) maize after soybeans (Brazil) | Brazil grew 9.4% of world maize in 2024 (FAOSTAT); 141 Mt in 2025/26 (USDA) | Brazil harvested 21.2 Mha of maize in 2024 (FAOSTAT) | Brazil average yield 5.43 t/ha (2024, FAOSTAT) | residue; growing use for corn ethanol in Mato Grosso | n/a |
| Smallholder maize (China, India, Africa) | China 24.2% and India 3.3% of world output in 2024 (FAOSTAT) | China 44.8 Mha and India 11.3 Mha harvested (2024) | yields 2024: China 6.59 t/ha, India 3.54 t/ha (FAOSTAT) | stover for fodder | Indicative: maize MSP Rs 2,400/quintal for 2025-26 with a quoted 59% margin over A2+FL cost implies about Rs 1,510/quintal (CCEA, May 2025); the 2026-27 MSP is Rs 2,410 with a quoted 56% margin, implying about Rs 1,545 (Cabinet, 13 May 2026) |
| Processing: dry-grind ethanol and wet milling | US ethanol used 141 Mt in 2025/26, about 33% of the US crop (USDA) | US dry-grind plants typically 100-500 million litres a year (indicative) | about 2.9 US gallons (11 L) of ethanol and about 15-17 lb of distillers grains per 56-lb bushel (indicative industry norm) | distillers dried grains with solubles (DDGS), corn oil, CO2; wet milling: gluten feed, gluten meal, germ oil | n/a |
How each method works
High-input rainfed hybrid maize (US Corn Belt, Argentina, Ukraine)Genetically modified hybrids are planted at high density with heavy nitrogen, usually rotated with soybeans. Large planters and combines handle hundreds of hectares per worker. Most US maize is rainfed, so July weather decides the crop.
Highest yields and cheapest export maize; exposed to US summer drought and nitrogen prices.
FAOSTAT 2024; USDA WASDE Oct 2026 Second-crop (safrinha) maize after soybeans (Brazil)Farmers in Mato Grosso and Paraná sow maize straight after harvesting soybeans in January-March, using the same land twice a year. Yields depend on when the rains end. The crop is exported from July onwards, alternating with US supplies.
Low land cost and fast growth; vulnerable to an early end of the rainy season.
FAOSTAT 2024; USDA WASDE Oct 2026 Smallholder maize (China, India, Africa)Small farms grow maize for feed mills, starch plants and home food. China's north-east has larger mechanised farms; India grows a rainfed kharif crop and an irrigated rabi crop in Bihar and the south. Inputs and hybrid use vary widely.
Large room to raise yields; low mechanisation and weather risk.
FAOSTAT 2024; CCEA kharif MSP decisions (May 2025, May 2026) Processing: dry-grind ethanol and wet millingDry-grind plants mill whole maize, ferment the starch to ethanol and sell the remaining protein, fibre and oil as distillers grains and corn oil. Wet mills soak the grain and separate starch, gluten, fibre and germ, then convert starch to sweeteners, ethanol or industrial starch.
Adds value and feed co-products; margins swing with petrol and maize prices.
USDA WASDE Oct 2026; industry norms (indicative) Unit economics are indicative ranges from the sources named; costs vary widely by deposit, region and year.Who does it: global
| Company | Country | Activity | Volume | Year | Source |
|---|---|---|---|---|---|
| Archer Daniels Midland (ADM) | US | origination, export, wet and dry milling, ethanol | not published | 2025 | ADM reports volumes in aggregate; not found in public sources checked |
| Cargill | US | origination, export, feed, starch and sweeteners | not published | 2025 | Private company; does not publish crop volumes |
| Bunge (merged with Viterra in 2025) | US/Switzerland | origination and export in Brazil, Argentina, US, Ukraine | not published | 2025 | Maize volumes not published separately |
| COFCO International | China | origination in Brazil and Argentina for China | not published | 2025 | Maize volumes not published separately |
| Louis Dreyfus Company | Netherlands/France | origination and export | not published | 2025 | Maize volumes not published separately |
| POET | US | largest US corn ethanol producer | not published | 2025 | Output not found in public sources checked |
Who does it: India
| Company | Country | Activity | Volume | Year | Source |
|---|---|---|---|---|---|
| Gujarat Ambuja Exports | India | maize wet milling: starch, glucose, sorbitol | not published | FY2026 | Volume not found in public sources checked |
| Sukhjit Starch and Chemicals | India | maize starch and derivatives | not published | FY2026 | Volume not found in public sources checked |
| NAFED and NCCF | India | maize procurement at MSP for ethanol distilleries | not published | 2024-2026 | Volume not found in public sources checked |
| Oil marketing companies (IOCL, BPCL, HPCL) | India | buy grain ethanol for blending under the E20 programme | 10.39 billion litres ethanol supplied, all feedstocks (11.63 bn L contracted); blending 19.24% | ESY 2024-25 | AIDA via BioEnergy Times (Feb 2026); Biofuels Digest |
India grew about 40 Mt of maize in 2024 (3.3% of world output, 3.54 t/ha; FAOSTAT). Poultry feed was the main use, but maize became India's largest ethanol feedstock in 2024-25, supplying about half of 10.39 billion litres (AIDA), which has tightened domestic supply.